Venerdì, 19 Ottobre 2018
MILAN

Milan bourse gains as investors adjust to early vote

English
© ANSA

Milan, December 11 - Italian stocks strengthened
while the bond market tread water Tuesday, just one day after
investors showed their discomfort with changes coming to the
nation's government.
Investors began adjusting to the idea of imminent Italian
elections and the uncertainty that brings, and rejoiced in
stronger-than-expected results from a German confidence index.
After losing 2.2% on Monday's session, the Milan Stock
Exchange regained most of that ground Tuesday as the FTSE Mib
index closed 1.5% higher on the day to reach 15,585 points.
Investors began the week on a shaky note, rattled by
Premier Mario Monti's announcement Saturday that he will soon
resign.
Monti's technocratic government is credited with having
saved Italy from a debt-induced disaster, and the upset caused
by his imminent resignation highlights the continuing fragility
of Europe's economy.
Making matters worse, discredited former premier Silvio
Berlusconi announced that he would again campaign to run Italy.
Despite that, the spread between Italy's benchmark 10-year
bond and its German counterpart closed Tuesday at 340 basis
points, slightly narrower than the day before.
The yield on Italy's 10-year paper was 4.73%.
That suggested some calm has returned to bond markets,
where at one point in Monday's trading the spread between
Italian and German bonds spiked above 360 basis points before
closing at 351 points.
Still, the spread now sits significantly wider compared
with last Friday's close of 323 points, suggesting markets
remain nervous about the threat of renewed political chaos in
Italy.
Other European markets were buoyed by the results of a
confidence index released Tuesday by the ZEW Center for European
Economic Research in Mannheim.
Its index of German investor and analyst expectations,
which aims to predict economic developments six months in
advance, climbed to 6.9 this month from a -15.7 in November.
Since Germany boasts Europe's largest economy, its health
matters.
As a result, Frankfurt's DAX ended the day 0.94% higher at
7,589.75 points, while London's FTSE 100 closed trading slightly
higher at 5,924.97 points, Paris's CAC 40 gained 0.94% at
3,646.15 points, and Spain's IBEX 35 ended the day 0.73% higher
at 7,920.90 points.

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